FAC Explorer

Audit 5508

FY End
2023-06-30
Total Expended
$1.75M
Findings
2
Programs
2
Organization: Canyon Village Senior Citizens Housing, Inc. (WY)
Year: 2023 Accepted: 2023-12-06
Auditor: Dauby O'Connor & Zaleski LLC

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
3502 2023-001 Significant Deficiency Yes P
579944 2023-001 Significant Deficiency Yes P

Programs

ALN Program Spent Major Findings
14.164 Operating Assistance for Troubled Multifamily Housing Projects $1.58M Yes 1
14.195 Section 8 Housing Assistance Payments Program $172,936 - 0

Contacts

Name Title Type
DJQ7ZC7AME45 Jason Nickel Auditee
2083227566 Emily Rosiello Auditor
No contacts on file

Notes to SEFA

Title: Loan/loan guarantee outstanding balances Accounting Policies: The schedule of expenditures of federal awards is prepared on the accrual basis of accounting. De Minimis Rate Used: N Rate Explanation: The Corporation has elected to not use the 10% de minimis cost rate. OPERATING ASSISTANCE FOR TROUBLED MULTIFAMILY HOUSING PROJECTS - BALANCE OF FLEXIBLE SUBSIDY NOTE PAYABLE AS OF JULY 1, 2022, UNDER SECTION 201 OF THE HOUSING AND COMMUNITY DEVELOPMENT AMENDMENTS OF 1978 (14.164) - Balances outstanding at the end of the audit period were 1580997

Finding Details

Finding 2023-001
Assistance Listing (Federal award identification number and year): Operating Assistance for Troubled Multifamily Housing Projects, Assistance Listing No. 14.164 (Section 201 loan identification number 109-SH-005, year 1991) Auditor non-compliance code: Q – Failure to make mortgage payments Finding resolution status: Unresolved Universe population size: The universe population size is not applicable to the finding. Sample size information: The sample size is not applicable to the finding. Statistically valid sample: Not applicable. Name of Federal agency: U.S. Department of Housing and Urban Development Pass-through entity: Not applicable Questioned costs: Not applicable Statement of condition #2023-001: The Corporation's Flexible Subsidy Loan was due in full upon maturity of the Corporation's Section 202 mortgage loan, which occurred March 1, 2017. As of June 30, 2023, the Flexible Subsidy Loan has not been repaid, and the Corporation is in technical default on the Flexible Subsidy Loan. Criteria: Pursuant to the terms of the Section 201 Flexible Subsidy Loan agreement, the Flexible Subsidy Loan is due in full upon maturity of the Section 202 mortgage loan. Effect: The Corporation is not in compliance with the Flexible Subsidy Loan agreement. Cause: The Flexible Subsidy Loan was not repaid in full upon maturity. Management has submitted a request for deferment of the Flexible Subsidy Loan. Management is awaiting HUD approval of the deferment request. Recommendation: Management should continue communicating with HUD in order to obtain approval for the deferment request for the Section 201 Flexible Subsidy Loan. Management's response: Agree. Management has submitted a request for deferment of the Flexible Subsidy Loan. Management is awaiting HUD approval of the deferment request.
Finding 2023-001
Assistance Listing (Federal award identification number and year): Operating Assistance for Troubled Multifamily Housing Projects, Assistance Listing No. 14.164 (Section 201 loan identification number 109-SH-005, year 1991) Auditor non-compliance code: Q – Failure to make mortgage payments Finding resolution status: Unresolved Universe population size: The universe population size is not applicable to the finding. Sample size information: The sample size is not applicable to the finding. Statistically valid sample: Not applicable. Name of Federal agency: U.S. Department of Housing and Urban Development Pass-through entity: Not applicable Questioned costs: Not applicable Statement of condition #2023-001: The Corporation's Flexible Subsidy Loan was due in full upon maturity of the Corporation's Section 202 mortgage loan, which occurred March 1, 2017. As of June 30, 2023, the Flexible Subsidy Loan has not been repaid, and the Corporation is in technical default on the Flexible Subsidy Loan. Criteria: Pursuant to the terms of the Section 201 Flexible Subsidy Loan agreement, the Flexible Subsidy Loan is due in full upon maturity of the Section 202 mortgage loan. Effect: The Corporation is not in compliance with the Flexible Subsidy Loan agreement. Cause: The Flexible Subsidy Loan was not repaid in full upon maturity. Management has submitted a request for deferment of the Flexible Subsidy Loan. Management is awaiting HUD approval of the deferment request. Recommendation: Management should continue communicating with HUD in order to obtain approval for the deferment request for the Section 201 Flexible Subsidy Loan. Management's response: Agree. Management has submitted a request for deferment of the Flexible Subsidy Loan. Management is awaiting HUD approval of the deferment request.